Financial Services Authority

The Financial Services Authority (FSA) was the UK financial market regulator until March 31, 2013, regulating the financial services industry in the UK . The head office was in Canary Wharf , London , with a further office in Edinburgh . The FSA was founded on June 7, 1985 under the name The Securities and Investments Board Ltd (SIB).

The successor authorities are the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

tasks

The FSA was an institutionally, functionally and financially independent of the state, the legal basis of which is the so-called Financial Services and Markets Act 2000 .

The four main statutory objectives of the FSA are enshrined in the Financial Services and Markets Act:

Maintaining confidence in the financial market
Promote public understanding of the financial system
Ensuring consumer protection
Reduction in financial crime

The FSA was accountable to and through the UK Treasury Department to Parliament. The FSA was financed exclusively through the financial markets, companies and stock exchanges that it regulated.

The UK Treasury appointed the FSA Board of Directors, which consisted of a Chairman, a Chief Executive Officer (CEO), two Board members and ten Board members.

The FSA's area of responsibility included the definition and enforcement of standards that players in the financial services industry must adhere to. This includes, for example, the approval control of the primary information providers, who offer so-called regulatory information services for the publication of regulatory messages from listed companies on the London Stock Exchange (LSE) .

Reorganization of banking and financial supervision

In 2010, Chancellor of the Exchequer George Osborne presented his plans for a major reorganization of the UK's financial and banking supervision.

The Financial Services Authority (FSA) was dissolved on March 31, 2013. At the same time, with the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), two new authorities were created which will be responsible for financial supervision from April 1, 2013. The Financial Conduct Authority is responsible for consumer protection, while the Prudential Regulation Authority will oversee banks, insurance companies and investment funds. The Prudential Regulation Authority, which is responsible for banking supervision, remains subordinate to the Bank of England . The legal basis of the newly established FCA and PRA is the Financial Services Act 2012 .

Web links

Individual evidence

^ Tasks of the FSA
^ Financial Services and Markets Act 2000
↑ The FSA introduces itself
↑ Actors regulated by the FSA
↑ Approved primary information providers
^ Financial Services Act 2012 . legislation.gov.uk, accessed February 15, 2014.

[1] Tasks of the FSA

[2] Financial Services and Markets Act 2000

[3] The FSA introduces itself

[4] Actors regulated by the FSA

[5] Approved primary information providers

[6] Financial Services Act 2012 . legislation.gov.uk, accessed February 15, 2014.